EMPOWERING. Ways Robotic Process Automation can. Your Credit and Collections. to Drive Results

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1 EMPOWERING Credit and Collections to Drive Results 4 Empower Ways Robotic Process Automation can Your Credit and Collections

2 Process optimization is the cornerstone of robotics and full process automation. Teams that are overburdened with repetitive and transactional tasks are more likely to make mistakes and exercise poor judgement, creating unnecessary risk for the company. These teams can benefit from incorporating Robotic Process Automation (RPA) into their daily routines to free up time to focus on value-added activities. There are many areas within credit and collections that are perfect for instituting RPA. Here are four areas where RPA can completely transform and empower your credit and collections to drive results. 2

3 1Credit Free your valuable credit analysts to focus on the truly difficult cases. Robotic Process Automation takes away the burden of manually dealing with the credit application and review and approval processes for those customers who are stable and at little risk of not paying. Credit Application Reduces administrative time spent pulling internal and external credit history information. Information populated in the credit application initiates the appropriate workflow based on configurable rules. Credit Workflow Automated workflow rules are configured to determine the appropriate review and approval steps required for each customer. Flexible thresholds allow you to set the automated default credit limit your risk tolerance is comfortable with. Credit Approvals Risk is a balancing act. Too much risk and you are open for large losses. Too little risk and you choke off potential revenue. Depending on the level you are comfortable with, credit approvals can be granted automatically for standard credit applications. Only exceptions are sent for manual review. 3

4 2Cash Application Cash application has traditionally been a very manual process that drains your resources. With RPA, cash application is transformed into a valuable analytics platform with data-rich information that helps reduce DSO. Straight-Through Cash App Automated processes apply algorithms to accurately match payments to invoices without human involvement. Intelligent Optical Character Recognition (OCR) automatically locates key words and characters, removing the requirement to establish time-consuming templates. Remittance Delivery Monitoring The increase in the use of electronic payment methods has driven down the straight-through cash application rates. Robotic Process Automation monitors boxes and server locations to automatically pickup, digitize and read remittance information to further eliminate manual touches. Write-Off Thresholds Configurable rules can be established to automatically handle short payments and disputes under a specific threshold. These amounts can be automatically written off with larger amounts kicking off an automated workflow for resolution. 4

5 3 Collections The collections function contains many manual processes. Some of those manual processes are by design because they help achieve maximum results. However, the remaining manual processes just steal time away from your teams. Take that time back by leveraging artificial intelligence (AI) and machine learning in combination with RPA. Auto Contact Your teams have many customers assigned to them. The more strategic collections rightfully require a personal touch. Less strategic collections can be sent reminders automatically with RPA. Strategy Advancement Adherence to strategy is an important pillar of achieving results. RPA automatically advances collection strategies based on actions taken and established process steps, eliminating the administrative burden from collectors. Promise-To-Pay As payments are applied throughout the day, invoices are automatically marked as promised-topay, immediately removing them from the collection queue for follow-up. Collectors can rest assured that they are working from the most up-to-date payment information. 5

6 4 Deductions and Disputes Deductions and disputes are a major source of delays in the credit-to-cash process. Robotic Process Automation identifies deductions as payments arrive. Combined with machine learning, deductions are appropriately coded and staged for resolution. Disputes are automatically coded and routed to a dispute owner to reduce resolution cycle time. Auto Identification of Deductions Identifying deductions as payments arrive eliminates the delays associated with manual cash application backlog. In combination with AI, configurable RPA rules efficiently drive reductions in processing time. Deduction & Dispute Workflow Routing of deductions and disputes to the appropriate resolver can steal precious time that you don t have. Leveraging RPA automatically identifies the appropriate resolver and notifies them of a pending work item that needs their attention. Escalation reminders are also handled by RPA to ensure timely resolution. Auto Resolution Configurable RPA rules allow you to establish autoaction thresholds based on dollar value, type of deduction and dispute, or a percentage tolerance based on your policies for providing a concession, writing-off, rebilling or continued collection efforts. 6

7 Robotic Process Automation is essential for any organization to remain competitive. Doing more with less is now an every day reality. Instituting RPA in your daily credit and collection routines will remove administrative burdens and empower your team to focus on achieving extraordinary results. Keep your talented team engaged and instill a continuous improvement mindset that will really drive your results to the next level. 7

8 Are you ready to leverage Robotic Process Automation in your credit and collections processes? Let s have a conversation. CONTACT US TODAY BY VISITING fisglobal.com/corporatesolutions or ing getinfo@fisglobal.com FIS and/or its subsidiaries. All Rights Reserved